Daiwa raised the firm’s price target on Tesla (TSLA) to $285 from $225 and keeps a Neutral rating on the shares. The firm increased estimates more for 2024 to reflect the Q3 beat and stronger finish anticipated by Tesla for both its automotive and energy storage operations. Cybertruck, China energy storage and the 4680 ramp are likely to improve the company’s margins into 2025, the analyst tells investors in a research note. Daiwa sees Tesla passing on most its auto cost savings to drive growth. It raised the price target target to reflect a higher robotaxi valuation “as plans get clearer.”
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